How to Grow Multiple Brands with Ease
I’ve invited Nora Sheils to share her knowledge with us today. Nora is the co-founder of Rock Paper Coin, the first software platform to bring together wedding planners, couples, and vendors into one system for managing and paying contracts and invoices. She is also the founder and lead wedding planner of award-winning firmBridal Bliss. In addition to recognition by Portland Business Journal in its 40 Under 40 series, she also earned a spot in The BizBash 500 for 2021.
Creative professionals are innovators at heart, so it’s no surprise that many leverage their brainpower to produce new ideas — and new businesses. But juggling multiple brands requires a significant amount of work, especially in the early startup stage.
Fortunately, with the right systems and support in place, you can harness your multi-passionate power and achieve success on every side. Sure, it might involve some long nights along the way. But creative entrepreneurs have the grit necessary to bring big ideas to life and you are no exception!
It’s time to stop letting those ideas pass you by. If there’s a business idea on your mind, use these strategies to establish a solid foundation and make it a reality.
Establish clear goals
Success is built upon meaningful goals — and that goes for all of your personal and professional ventures! So if a new brand is on the table, start by revisiting the goals you set for your first company. Are you on track? Will an exciting business idea ultimately detract from those goals? A new project should not sacrifice your company’s health!
If all systems are a go, consider your short and long-term goals for a new brand. What do you hope to accomplish? Are you looking to break into a new market? Or do you aim to feed customers into your original brand? Is there a specific revenue goal that indicates success? Get clear on your motivations and why you want to launch a new business.
Build your team wisely
Growing a business alone is challenging as is. But double the brands means double the work, so focus on finding the best people to support your endeavors. If your first business is already staffed, consider how you can assign some of your team’s effort to launch and scale the new brand.
Keep in mind that this “shared” approach should be temporary as drawing resources from your original business is unsustainable for growth on both ends. Instead, expect to hire team members to fill in the new roles as your new business picks up speed. You may also discover a need for specific skill sets—as we did with software development—so hire slowly and carefully to identify the candidates that fit your needs best.
Define brand messaging
In most cases, you’ll need a fresh take on brand messaging for a new business. Yes, even if it’s in a similar market as your first one! Consider how your new brand differs from the existing one, as well as your competitors. Is it a budget-friendly option to pair with your luxury offerings? Does it sell products that complement your services?
Identify three to five adjectives you’d like to describe your brand in the market, and use them to influence messaging on your website, social media, emails, and other marketing materials.
If you have access to the intended audience for your new brand, spend some time performing market research to gain feedback and ideas from ideal clients. For instance, if you run a floral design company and want to open a rental company as a complementary brand, ask past and current customers what they’d love to see in your inventory!
With solid goals, a reliable team, and strong brand messaging in place, you can start checking the other boxes on your to-do list, like creating packages, building a website, or closing your first sale. By focusing on business fundamentals, you can set up your second brand for success while ensuring the maintained viability of your first one.